Thirty-four research firms covering Fortinet have issued an average recommendation of “Hold,” including three sell ratings, twenty-four hold ratings, six buy ratings and one strong buy rating. The consensus 12-month price target stands at $90.04. Recent broker notes include Weiss Ratings reaffirming a hold rating on December 29; Morgan Stanley upgrading its target from $66.00 to $70.00 while maintaining an underweight rating on December 18; Barclays trimming its objective from $90.00 to $88.00 and assigning an equal-weight rating on November 6; UBS lowering its target from $90.00 to $80.00 with a neutral rating on November 6; and JPMorgan Chase & Co. reaffirming an underweight rating with a target reduction from $85.00 to $75.00 on December 17.

CEO Ken Xie sold 158,485 shares on November 3 at an average price of $86.51, generating proceeds of $13.71 million and reducing his stake by 0.31% to 51.39 million shares (valued at approximately $4.45 billion). On the same day, Vice President Michael Xie sold 3,546 shares at an average of $86.53, yielding $306,835 and trimming his holding by 0.03% to 10.49 million shares (worth roughly $907.9 million). Combined insider ownership remains at 17.20% of the company’s outstanding shares.

Vanguard Group increased its Fortinet position by 4.0% during Q3, adding 2.89 million shares to reach 75.58 million shares valued at $6.35 billion. State Street Corp boosted its stake by 1.6% to 29.66 million shares worth $2.49 billion after acquiring 477,397 additional shares. Geode Capital Management grew its holdings by 5.2% in Q2, adding 828,569 shares to 16.92 million shares valued at $1.78 billion. Norges Bank initiated a new position in Q2 valued at $1.64 billion. Invesco Ltd. raised its Fortinet stake by 17.0% in Q3, purchasing 1.57 million shares to reach 10.82 million shares worth $909.45 million. Institutional investors collectively hold 83.71% of the company’s stock.

In the third quarter, Fortinet reported revenue of $1.72 billion, exceeding the consensus of $1.70 billion and marking a 14.4% year-over-year increase. Adjusted earnings per share of $0.74 topped estimates by $0.11. The company achieved a net margin of 28.58% and a return on equity of 118.27%. Management set full-year 2025 EPS guidance in the range of $2.660 to $2.700 and Q4 guidance of $0.730 to $0.750 per share. Analysts currently forecast $2.09 in EPS for the current fiscal year.